All three major benchmarks settled deep in the red
The Dow shed 260 points on Monday, while the S&P 500 and Nasdaq also settled deep in the red. Investors are eyeing a busy week of earnings, which will feature reports from Big Tech staples Alphabet (GOOGL) and Apple (AAPL), as they brace for a potential interest rate hike at the conclusion of the Federal Open Market Committee (FOMC) meeting on Wednesday.
Continue reading for more on today's market, including:
- Quarterly win boosted SoFi Technologies stock.
- Why options bulls flocked to Nvidia stock today.
- Plus, medtech stock set to pop; keep tabs on these 3 retailers; and buyout rumors pressure LCID.
5 Things to Know Today
- Ford Motor (F) increased production and lowered the price of its electric Mustang Mach-E crossover, following a similar move from competitor Tesla (TSLA). (CNBC)
- German companies are looking at Silicon Valley layoffs as an opportunity to recruit top talent amid a shortage of workers with software engineering skills. (Reuters)
- Inmode stock looks poised for its next leg higher.
- Goldman Sachs weighed on these 3 retail names.
- Buyout rumors pressured Lucid Group stock lower.
Gold, Oil Prices Slip as Fed Anxieties Run High
Oil prices fell on Monday to settle at their lowest level in over two weeks. The incoming interest rate decision generated uncertainty around crude demand and production, with investors also keeping an eye on an Organization of the Petroleum Exporting Countries and their allies (OPEC+) committee meeting on Wednesday. March-dated crude dipped $1.78, or 2.2%, to settle at $77.90 per barrel.
The upcoming Fed meeting also weighed on gold prices, which settled lower despite notching its longest weekly win streak since August 2020 in the previous session. February-dated gold shed $6.40, or 0.3%, to settle at $1,939.20 per ounce.